funding, cancer, medical devices

SpectraScience Raises $4.3M

Bruce V. Bigelow 11/6/09

SpectraScience, the San Diego medical device maker, has raised more than $4.3 million through a private placement that combines preferred shares and warrants, according to a regulatory filing today. As I reported previously, SpectraScience (OTCBB:SCIE) acquired its optical biopsy technology when CEO Jim Hitchin acquired certain assets from the bankruptcy of Minnesota’s GV Medical. In its filing, SpectraScience says the company sold 433,000 units at $10 a share. Hitchin tells me the offering closes a $5 million round the company began earlier this year.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492